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The IRS has lowered its threshold for mandatory electronic filing of 1099s and similar
information returns
from 250 to 10 returns starting with tax year 2023. The total applies to all returns filed, so the
threshold would be reached with, for instance, six 1099-S forms, two 1099-NEC forms,
and two w-2s. If the threshold is reached, ALL of your forms
must be e-filed. Filers
not in compliance with this requirement will be subject to penalties by the IRS.
If you are over the new threshold of 10 returns, you can use
Standard Support's Year-End Processing service for for e-filing. Standard Solutions and Standard Support
have provided reliable e-filing services for over 30 years.
Standard's Year-End Processing Service:
Standard's Year-End Processing (YEP) Service will prepare a 1099-S electronic filing for your firm that
meets all IRS requirements and file it for you with the IRS. The filings are compiled using a sophisticated
tax software product relied on annually by hundreds of thousands of businesses across the U.S.
Because YEP works with the data that's already in your Standard Conveyancer, the service is more
accurate and cost-effective than manual processes. Preliminary and final reports let you make sure no
data is missing, helping you avoid errors and ensuring a timely filing.
How does it work?
At the end of the tax year, we generate a report for you
to review the seller information from your transactions to
ensure completeness and accuracy. Once you are ready, we us
an IRS-compliant software package to generate preliminary
and final
reports for your review. Upon your authorization,
Standard Support prepares your IRS electronic filing and
uploads it to the IRS for you.
What do I have to do?
You must sign
up with us by the deadline. Year-End Processing
services are available clients with a current Support &
Maintenance Plan and clear account balance through Q1.
It speeds the process if your data is complete and accurate
before it is downloaded to our office. Entering
seller tax ID numbers and forwarding addresses and making
sure closings are marked for 1099-S filing will help ensure
your data is complete. Please ask for help ahead of time
if you are not sure how to do this.
Standard Support is here to help you fulfill your filing
requirements efficiently and economically. Due to the critical nature
of the task and the IRS deadlines, you must sign up on time
and work closely with us throughout the process to ensure
a timely and compliant filing. Current pricing
and deadlines are posted in the fall each year.
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